Project description

Provision of senior debt financing for the design, construction and maintenance of student housing and educational buildings on the campuses of Volos and Lamia (the “Project”), pursuant to a 30-year PPP contract awarded by the University of Thessaly (“UoT” or “Contracting Authority”). The Borrower will be a special purpose vehicle (“Project Company”) wholly owned by Intrakat, a listed Greek construction company (the “Sponsor”).

Project goals

The project is expected to increase the capacity of the UoT dormitories to accommodate up to 785 additional students, by addressing the housing and accommodation needs of financially disadvantaged students and by providing new and advanced technological equipment for research programmes.

Impact of the transition

ETI score: 67

The transition impact of the project is due to the following qualities:

Green: The EBRD proceeds will be fully used for the construction of buildings that meet EPC and LEED certification requirements, thus exceeding the requirements for near-zero emission buildings (nZEB) in Greece.

Competitive: The EBRD will help increase private sector participation in the education infrastructure sector in Greece. The project includes the construction of new facilities to be developed through a PPP structure.

Customer information

ARE DEFINED

The Borrower is an SPV incorporated in Greece and fully owned by Intrakat. Intrakat is a listed Greek construction company with extensive experience in concessions, PPPs and renewable energy.

EBRD Financing Summary

€42,500,000.00

Total project costs

€106,000,000.00

Additionality

The project is the first to be developed, prepared and tendered under the EBRD Greek Project Preparation Facility (“GPPF”). EBRD financing is also needed to fill a financing gap.

Environmental and social summary

Categorized as B (2019 ESP). Environmental and social risks related to the design, financing, construction and technical management of student housing and educational and research facilities on the Volos and Lamia campuses belonging to the UoT are site-specific and can be managed with appropriate mitigating measures.

In 2022, an Environmental & Social Due Diligence (“ESDD”) was carried out by an independent consultant as part of the project preparation under the EBRD Greek Project Preparation Facility (“GPPF”). This consisted of a thorough review of all relevant documents related to the project, including available public information on the UoT website, and a site visit.

The ESDD demonstrated that despite not yet having an Environmental and Social Management System, UoT’s organizational capacity and commitment are considered adequate to manage the PPP process. One of the conditions for the Project Company will be to establish, maintain and implement a viable ESMS as requested through the proposed Environmental and Social Action Plan (“ESAP”).

UoT’s quality assurance system follows the Standards and Guidelines for Quality Assurance in the European Higher Education Area, as well as the principles and guidelines of the Hellenic Quality Assurance & Accreditation Agency (ADIP); this quality assurance system is described in the UoT Internal Quality Assurance System Manual (“IQASM”) and promotes, among other things, fellowship, principles of equal treatment and ethics, as well as incentives for improvement and reward. UoT’s activities and operations comply with national social security and labour legislation, addressing labour and working conditions, wages, non-discrimination and equal treatment, and gender equality issues.

The project will comply with the provisions of national legislation relevant to the energy performance of buildings. The dormitories in Volos and Lamia will meet the requirements of the LEED certification level.

To ensure that the project complies with the EBRD PRs, the project company must develop an environmental and social policy, an environmental and social management plan for the project and establish a formal grievance mechanism for employees and contractors as well as external stakeholders from the local community. Human resources, non-discrimination, equal opportunities, employment rights and GBVH policies and procedures must also be developed, together with child/student protection measures in relation to the works and premises. All of the above improvements are captured in the ESAP which must be agreed with the project company before it is signed. Follow-up The lenders’ environmental and social due diligence is currently underway and this project summary will be updated with any subsequent findings.

A Stakeholder Engagement Plan (SEP) is also being developed for the project.

The project company must ensure that the project complies with the EBRD PRs and must submit an E&S report to the bank annually.

Technical cooperation and grant financing

n/a

Company contact details

Psomos Panagiotis
[email protected]
19km Markopoulou Ave. 19002 Paiania, Athens, Greece

PSD last updated

July 22, 2024

Understanding transition

More information on the EBRD’s approach to measuring the impact of the transition can be found here.

Business opportunities

For business opportunities or tenders, please contact the client company.

For business opportunities with the EBRD (not related to procurement) please contact:

Phone: +44 20 7338 7168
Email: [email protected]

For projects in the state sector, please contact EBRD Procurement:

Phone: +44 20 7338 6794
Email address: [email protected]

General Information

You can ask specific questions via the EBRD application form.

Environmental and Social Policy (ESP)

The ESP and its associated performance requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and PRs contain specific provisions for clients to comply with applicable requirements of national laws on public information and consultation, as well as to establish a complaints mechanism to receive and facilitate stakeholders’ concerns and complaints, in particular regarding the environmental and social performance of the client and the project. In addition, commensurate with the nature and magnitude of a project’s environmental and social risks and impacts, the EBRD requires its clients to disclose information, where appropriate, on the risks and impacts arising from projects or to engage in meaningful consultation with stakeholders and to consider and respond to their feedback.

More information about the EBRD’s working methods in this area can be found in the ESP.

Integrity and Compliance

The EBRD Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest integrity standards are applied to all of the Bank’s activities in line with international best practices. Integrity due diligence is conducted on all of the Bank’s clients to ensure that projects do not pose unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the approval stage of the project review is the most effective way to safeguard the integrity of Bank transactions. OCCO plays a key role in these protective efforts and also assists in monitoring integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in projects financed by the EBRD. Anyone, both inside and outside the Bank, who suspects fraud or corruption must submit a written report to the Chief Compliance Officer via email to [email protected]. All reported matters will be handled by OCCO for follow-up. All reports, including anonymous ones, are reviewed. Reports can be made in any language of the Bank or of the countries in which the Bank operates. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD will make information public and consult with its stakeholders to promote greater awareness and understanding of its strategies, policies and activities following its entry into force on 1 January 2020. Visit the Access to Information Policy page to see what information is available on the EBRD website.

Specific requests for information can be submitted via the EBRD request form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or disclosure concerns with the Client or the Bank are unsuccessful (for example through the Client’s project-level complaints mechanism or through direct engagement with the Bank’s management), individuals and organisations may attempt to raise their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently assesses Project issues that are believed to have caused (or are likely to cause) harm. The purpose of the Mechanism is to: support dialogue between Project stakeholders to resolve environmental, social and disclosure issues; determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, address existing non-compliance with these policies while preventing future non-compliance by the Bank.

For more information on IPAM and its mandate, how to submit a request for assessment, please visit the Independent Project Accountability Mechanism webpage and contact IPAM via email [email protected] for guidance and further information on IPAM and how to submit a request.